South County Real Estate Sales Week of July 13 - 19, 2009
Date: Wednesday July 22, 2009Posted in: Morgan Hill, South Santa Clara County, San Martin, Gilroy, statistics, listings, pending sales
Sales increased by one this past week in the south Santa Clara County towns of Morgan Hill, San Martin and Gilroy. Last week there were 37 residences that went from active to pending status as compared to last week’s 36. Of all the sales this past week, 34 were single family homes and 3 were townhouses/condominiums. The highest priced listing sold last week was 18241 Llagas Creek Drive in Morgan Hill, a 3441 s.f. home on a 20,037 s.f. lot and priced at $1,014,000, down from the original $1,139,000 price when listed 125 days prior. The lowest priced listing sold last week was a bank-owned home in the senior community of Village Green, 7745 Isabella Way in Gilroy, a 818 s.f. home priced at $198,000 and 12 days on the market. Sixty-two percent of the sales this week were priced under $500,000 and 11% were above $800,000.
Of these sales, the list price ranges were:
Less than $200,000 = 1 sale (3% of total)
$200,000 - $500,000 = 22 sales (59% of total)
$500,000 - $800,000 = 10 sales (27% of total)
$800,000 - $1,200,000 = 4 sales (11% of total)
$1,200,000 - $2,000,000 = 1 sale (3% of total)
The number of active listings went down and pending sales rose. As of July 12, 2009, there are 326 residential (single family homes and condos) listings active on the market in Morgan Hill, San Martin and Gilroy. There are currently 360 pending residential listings. Therefore, 52% of the total listings are pending under contract as of this date. However, many of the pendings are short sales and therefore take a long time to close. This keeps our pending percentage up artificially high.
Sixteen residential real estate listings closed escrow during the past week in the south county towns of Morgan Hill, San Martin and Gilroy. If homes continued to sell at this rate it would take 20 weeks to sell all south county listings. Therefore, as of this past week, we have 5 months supply of inventory.
Tune in next week for an update on the number of sales in South Santa Clara County!
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